Selling a Home in Pre-Foreclosure in Wentzville, MO
Selling a home in pre-foreclosure in Wentzville, MO. Tough times can fall on the best of us, but foreclosure is not the end of the road for homeowners. While losing your home and facing an enormous hit on your credit score is not a situation anyone wants to be in, you do have options if you find yourself there. Evervest Home Buyers is an as-is property-buying company that buys Wentzville, MO homes in foreclosure. Our buyers are amiable and discreet. We can have an estimate ready for you just by looking at pictures, have a full offer for you in a matter of days, and close as quickly as you need us to – before the bank officially foreclosures on your home. Call us at (314) 730-0366 or contact us online to get free of your debt. Depending on how much you owe, you may even be able to have some cash left over.
How Foreclosure Happens in Wentzville, MO
Pre-foreclosure begins when you first miss a payment, and ends when your lender takes official action. It is a five-stage process:
- Payment default — You’re technically in default after your first missed payment, or once you pass your lender’s grace period. Banks are required to reach out to by the time you’re 45 days late on a payment. If you’ve only missed a month or two, you may be able to work something out with the lender to catch up on payments. Federal law requires lenders to offer you an opportunity to catch up before proceeding to foreclosure.
- Notice of default — After 90 days of missed payments, the lender will send you a demand letter, detailing how much you owe and informing you that you have 30 days to pay it off. Federal law stipulates that lenders must wait 120 days from the first missed payment to start foreclosure proceedings.
- The lender officially begins foreclosure — If, after 120 days you haven’t caught up, the lender will take action with either a judicial foreclosure or a nonjudicial foreclosure. In a judicial foreclosure, the lender sue you in civil court. In a nonjudicial foreclosure, they’ll proceed out of court, but they must abide by the regulations set by Missouri law.
- Sale of the home — Whichever type of foreclosure they pursue, the home will then be auctioned off to the public. The lender will set a minimum bid which accounts for the value of the house, the debt that remains unpaid, and any court costs or unpaid taxes.
- Eviction — Once the home is sold, you’ll have between three and 30 days to leave. If you remain in the house, the new owner can file an eviction lawsuit against you.
While the foreclosure process may seem harsh, you do have options before the bank takes your home from you.
How to Stop Foreclosure in Wentzville, MO
You have a few options whenever you’re house is in pre-foreclosure or foreclosure in Wentzville, MO:
Reinstate the Loan
Reinstating a loan generally involves paying off the past due payments, late fees, and any other charges associated with the delinquency. Once the mortgage is current you will be expected to continue with the monthly payments as previously agreed.
You need to remember that reinstating a loan does not forgive the late payments and subsequent late fees, it merely brings the loan current. If you are unable to stay but to date. You could consider taking out a loan with a different company, but the interest rates will likely be high, and then you’ll have two monthly loans to stay current on.
Deed in Lieu of Foreclosure
In a “deed in lieu,” you can give your home to the lender in exchange for the release of your obligation to pay the mortgage. This reduces some of the negative consequences of a foreclosure, such as a damaged credit score, and it allows the lender to avoid the time and expense of the foreclosure process. The lender can then sell the house, or keep it as a rental property, but you would still likely have to move out.
Bankruptcy is a legal process that allows individuals or businesses who cannot keep up with their debts to either have those debts restructured or discharged. If you file for bankruptcy, you’ll still have to pay off the mortgage, but you’ll have more time to and will have a different payment plan. There are several types of bankruptcy, but the most common for individuals are Chapter 7 and Chapter 13.:
Chapter 7 Bankruptcy
If you file for Chapter 7 bankruptcy, you will not have to pay off the rest of your mortgage if the lender completes foreclosure, and you can still remain in the home before foreclosure without having to pay anything monthly. This is usually a way to simply stall foreclosure for several months while you plan your future.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy may allow you to keep your property. You’ll have to stick to a payment plan – under supervision of a court-appointed trustee – that allows you to become current in three or five years.
There are many reasons that bankruptcy may not be a good option. First, your entire financial life will be evaluated to see if you’re eligible. You’ll also incur considerable court costs and fees for bankruptcy lawyers. If you’re having difficulty keeping up with mortgage payments, you may not be able to afford filing for bankruptcy.
Sell Your Home in Pre-Foreclosure
Another possibility is to sell your home and settle your outstanding debts with the money. There are a couple different ways to do this:
- Short sale — Lenders are required to consider any offer made on your Wentzville, MO home. In a short sale, the offer is not enough money to pay off all your debts. The lender can then decide if getting less than the full amount back is worth avoiding the hassle of a foreclosure. A short sale does lower your credit score, but not to the extent that a foreclosure does.
- Standard sale — If a prospective buyer offers more than the amount of debt you owe, you can accept that offer, pay off your debt with the money from the sale, and keep the rest to fund your next move.
You can try to sell your home on the traditional market, but the foreclosure process takes between 45 and 60 days. Based on data from the St. Louis Federal Reserve, it takes an average of 50 days to find a buyer and 30-45 days to close, and that doesn’t account for the work put in for making a home appealing to a traditional buyer. If you’re in pre-foreclosure, selling to an as-is, cash home buyer is likely preferable to the traditional market. Once you accept our offer, we can close as quickly as you need us to.
How Our Wentzville, MO Cash Home Buyers Can Help With Your Home in Pre-Foreclosure
Evervest Home Buyers pays all cash for properties, and strive to give Wentzville, MO homeowners a hassle-free home sale. We buy all types of properties, from people who owe back taxes to homes with significant plumbing issues.
We purchase homes “as-is,” which means that the condition of the property isn’t important to us as it would to traditional home buyer. You also don’t have to do open houses and wait to find a buyer. We can help you in selling your home in pre-foreclosure by:
- Giving you a fair offer quickly — If you send us pictures of your house, we can give you a same-day estimate. Then, we’ll schedule an inspection, where one of our buyers will do their own inspection. You don’t even have to sweep, mop, or vacuum before we come over. We always strive to offer as much as we can for a home in Wentzville, MO while still being able to profit off it after we repair it.
- Making the home selling experience stress-free — We understand that your Wentzville, MO home being in pre-foreclosure is stressful, and you may be nostalgic about leaving your home. We’ll make everything as simple as we can so you don’t feel any added stress. We differ from other cash home buying companies we have never written a contract that didn’t close because we backed out of it. We’ll show you proof of funds so you can feel at ease.
- Getting you money fast — While banks prefer not having to go through the foreclosure process, they’re not going to wait around to collect their debt. We can help you sell your house fast. There’s no waiting for inspections, appraisals, or open house. As licensed real estate brokers, we can perform the closing ourselves, as soon as you need us to after we agree on a price.
- Saving your credit score — Having a home in pre-foreclosure won’t effect your credit score. However, if your house is foreclosed on, it can have massive consequences for your credit score, that will stay there for 7 years. While selling to us won’t allow you to keep your home, we can save you from the financial pitfalls of it getting foreclosed on.
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Selling Your Wentzville, MO Home in Pre-Foreclosure | Evervest Home Buyers
Everyone hates foreclosure – even mortgage companies. Selling your home in pre-foreclosure is often the best option for everybody involved. Our buyers are cordial and nonjudgmental, and can help you get out from under your debt and save your credit score. We’ll make a fair cash offer on the property, close on the sale fast, and assist with the legal and financial aspects of the sale. If your Wentzville, MO home is in pre-foreclosure, call Evervest Home Buyers today at (314) 730-0366 or tell us about your property online.